Manchester United’s much-maligned owners, the Glazer family, ‘remained committed’ to the club despite co-chairman Avram Glazer listing $100m of shares for sale.
The Glazer family – who also own NFL side Tampa Bay Buccaneers – originally bought a stake in the Red Devils back in 2003, taking majority ownership of the club a few years later, in what has become a hugely controversial deal.
The owners bought the club using a huge loan, saddling United with the debt, with the accusation in recent years that they have been taking more money out of the club than they have been investing.
Essentially ever since completing a takeover of the club, the Glazers have sparked fury amongst the United fanbase, with repeated protests in recent years to dislodge them from their position at the club.
The situation is likely to only get worse amid the news that Avram Glazer is potentially set to earn up to £71m after putting five million of his shares in the club up for sale, as per the Times.
The report suggests that while the American family ‘remain committed’ to the club, any potential windfall of this share sale will not be going towards United, while their stake in the club is set to fall from 78 per cent to 74.9 per cent.
Although they reportedly have no intention of further reducing that stake, it will do little to appease an already disgruntled fanbase who have become angered with what has been a perceived lack of investment in recent times, as well as the spiralling debt.
The club’s second quarter results last week revealed that the Red Devils’ debt has risen to £455.5m, an increase of £64.2m from the previous year.
Manager Ole Gunnar Solskjaer has already admitted that this summer’s upcoming transfer window may not be business as usual due to the financial implications of Covid-19, with the news of the Glazers pulling more money out of the club not likely to go down well with supporters.